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Too-high expectations for Dupixent in asthma reason for Regeneron downgrade - Barclays; shares down 2%

Published 10/20/2017, 12:02 PM
© Reuters.  Too-high expectations for Dupixent in asthma reason for Regeneron downgrade - Barclays; shares down 2%
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  • Barclays (LON:BARC) says its downgrade of Regeneron Pharmaceuticals (REGN -1.5%) to Underweight with a $395 (9% downside risk) price target was based on more modest expectations for Dupixent (dupilumab) in asthma than Street forecasts.
  • It cites its recent physician survey that indicated treatment rates in the moderate-to-severe population would remain modest and will unlikely grow to support sell-siders' views. Also, the asthma market is competitive, making it difficult for Dupixent to capture more than a limited market share.
  • Adding to Barclays' bearish outlook is the saturation of Eylea's AMD market.
  • Source: Bloomberg


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